ezVolume Spike Detector

// @version=5
indicator("ezVolume Spike Detector", overlay=false)

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// Identifies significant volume increases on both daily and weekly timeframes. 
// By ezPappi
//Key Features:
//Identifies volume spikes on daily timeframes (current chart)
//Detects volume spikes on weekly timeframes
//Highlights when both daily and weekly spikes occur simultaneously
//Customizable thresholds and lookback periods
//Visual indicators with color-coded volume bars
//Labels for significant volume events
//Alert conditions for trading notifications

//Parameters you can adjust:
//Daily Volume Threshold (default: 2.0x average volume)
//Weekly Volume Threshold (default: 1.5x average volume)
//Daily Average Lookback period (default: 20 bars)
//Weekly Average Lookback period (default: 10 weeks)

//Visual Indicators:
//Blue columns: Daily volume spikes
//Red columns: Weekly volume spikes
//Purple columns: When both daily and weekly spikes occur together
//Labels for significant events 


// User inputs for customization
dailyThreshold = input.float(2.0, "Daily Volume Threshold", minval=1.0, step=0.1,tooltip="Minimum ratio of current volume to average volume to consider as a spike (daily)")
weeklyThreshold = input.float(1.5, "Weekly Volume Threshold", minval=1.0, step=0.1,tooltip="Minimum ratio of current volume to average volume to consider as a spike (weekly)")
dailyLookback = input.int(20, "Daily Average Lookback", minval=5, maxval=100,tooltip="Number of bars to consider for daily moving average")
weeklyLookback = input.int(10, "Weekly Average Lookback", minval=3, maxval=50,tooltip="Number of bars to consider for weekly moving average")

// Function to detect volume spikes
volumeSpikeDetector(threshold, lookback) =>
    avgVolume = ta.sma(volume, lookback)
    volumeRatio = volume / avgVolume
    volumeRatio >= threshold ? volumeRatio : 0

// Calculate daily volume ratios (on current timeframe)
dailyVolumeRatio = volumeSpikeDetector(dailyThreshold, dailyLookback)
dailySpike = dailyVolumeRatio > 0

// Request weekly volume data and calculate weekly spikes
weeklyVolume = request.security(syminfo.tickerid, "W", volume)
weeklyAvgVolume = request.security(syminfo.tickerid, "W", ta.sma(volume, weeklyLookback))
weeklyVolumeRatio = weeklyVolume / weeklyAvgVolume
weeklySpike = weeklyVolumeRatio >= weeklyThreshold

// Determine the current bar's weekly position (to avoid repeating alerts)
isFirstBarOfWeek = timeframe.isintraday and (dayofweek != dayofweek[1])

// Colors for visualization
dailySpikeColor = color.new(color.blue, 20)
weeklySpikeColor = color.new(color.red, 20)
bothSpikeColor = color.new(color.purple, 20)
noSpikeColor = color.new(color.gray, 60)

// Set plot colors based on spike conditions
plotColor = dailySpike and weeklySpike ? bothSpikeColor : 
           dailySpike ? dailySpikeColor : 
           weeklySpike ? weeklySpikeColor : 
           noSpikeColor

// Plot the daily volume ratio as a histogram
dailyPlot = plot(dailyVolumeRatio, title="Daily Volume Ratio", color=plotColor, style=plot.style_columns)

// Horizontal threshold line
plot(dailyThreshold, title="Daily Threshold", color=color.new(color.blue, 50), style=plot.style_line)

// Labels for significant volume spikes
if dailySpike and weeklySpike
    label.new(bar_index, dailyVolumeRatio, text="MAJOR\nVOLUME\nSPIKE", 
              style=label.style_label_down, color=bothSpikeColor, textcolor=color.white, size=size.small)
else if dailySpike and dailyVolumeRatio >= dailyThreshold * 1.5  // Only show labels for very significant daily spikes
    label.new(bar_index, dailyVolumeRatio, text="DAILY\nSPIKE", 
              style=label.style_label_down, color=dailySpikeColor, textcolor=color.white, size=size.small)
else if weeklySpike and isFirstBarOfWeek
    label.new(bar_index, dailyVolumeRatio > 0 ? dailyVolumeRatio : dailyThreshold, 
              text="WEEKLY\nSPIKE", style=label.style_label_down, 
              color=weeklySpikeColor, textcolor=color.white, size=size.small)

// Alerts
alertcondition(dailySpike, title="Daily Volume Spike", message="Daily volume spike detected!")
alertcondition(weeklySpike and isFirstBarOfWeek, title="Weekly Volume Spike", message="Weekly volume spike detected!")
alertcondition(dailySpike and weeklySpike, title="Major Volume Spike", message="Both daily and weekly volume spikes detected!")